In December, we did a round-up of some of the typical year end projections and summaries for IoT Analytics. Since then there has been an explosion of these predictions, around all different aspects of IoT. This comes to no surprise as McKinsey Global Institute predicts that “the Internet of Things (IoT) will generate up to $11T in value to the global economy by 2025″.
Instead of trying to capture all of the predictions, we wanted to bring forward the 4 themes we feel are likely to dominate the upcoming year:
- Unification and integration of IoT Analytics into the larger enterprise environment
- Security concerns will not only remain, but increase in importance
- Increase of volume and velocity will cause latency to be a focus
- The maturing of projects past simple prototypes or narrow implementations towards projects that drive new business or monetization models
Louis Columbus recently published an article with Enterprise Irregulars discussing the importance of integration of IoT and Industrial Analytics. In his article Integration Will Accelerate Internet Of Things, Industrial Analytics Growth In 2017 “ he mentions that “Predictive and prescriptive maintenance of machines (79%), customer/marketing related analytics (77%) and analysis of product usage in the field (76%) are the top three applications of Industrial Analytics in the next 1 to 3 years.”
Looking at exhibit 5 from the article, posted from the Industrial Analytics Report 2016/17 report by Research firm IoT Analytics GmbH, it is not hard to see why companies are upgrading Industrial Analytics with the help of IoT:
ZDnet‘s article “IoT in 2017: Why usage is going to grow, despite the security risks” highlights the ongoing importance of security and why the inherent fast pace of adoption will drive improvements there. Author Danny Palmer notes that half of the enterprise IT buyers surveyed by 451 Research indicated that while “cyber-security is the top impediment to IoT deployments” more than 60% of them use IoT data to aid with security and reduce endpoint risks.
The huge volume and velocity of data in IoT will undoubtedly put new levels of strain on networks. Tech Target‘s recent collection of IoT predictions – “IoT predictions 2017: Revenue, data, latency issues top the list” showcases how this ever increasing volume and velocity of data will drive data latency issues to the top of the agenda of IT Managers. Tony Bishop, vice president of global vertical strategy and marketing at Equinix, is quoted as saying “The increasing number of real-time IoT apps will create performance and latency issues. It is important to reduce the end-to-end latency among machine-to-machine interactions to single-digit milliseconds.”
Finally, Tech Republic does a nice job of explaining how generating business value in IoT is a multi-stage process and how getting started now – even on entry level or small projects – will help to drive increased value over time. Mary Shacklett, president of Transworld Data, published “A perfect illustration of how the big data value chain works”. In which she shares some great use cases for IoT Analytics, such as using IoT analytics to optimize its buildings to reduce its carbon footprint.